Burden of proof: Why insider trading at NSE is hard to crackOn Thursday October 18 last year, stock market trader Aly-Khan Satchu needed just 20 minutes to seal a deal worth millions of shillings based on insider information. The conversation is part of the preliminary data extracted from Satchu’s phone during investigations on insider trading in KenolKobil shares using information that it would be bought by French oil firm Rubis Energie. For the Capital Markets Authority (CMA), insider trading - the illegal transaction on the stock exchange to one’s advantage through having access to confidential information - will for the first time stop being just fodder for the rumour mills. Terrence Davidson was accused of insider trading when he served as Chief Executive Officer and managing director of Kenya Commercial Bank, who were the bankers of Uchumi Supermarkets. “There was communication between some of the insiders and the second respondent (Satchu) during the material time before the insider information was made public,” Mr Maweu said.

Source: Standard Digital February 16, 2019 21:07 UTC